Smartworks is India’s leading managed office space and campus platform, founded with a mission to transform traditional commercial real estate into tech-enabled, serviced workspaces. As of March 31, 2025, it is the largest managed campus operator in the country in terms of total leased stock.

Business Model

Smartworks operates by leasing large, bare-shell properties from landlords—especially passive or non-institutional owners—and transforming them into fully-serviced, modern, and branded workspaces. Its offering includes:

a) Long-term leasing (typically 10–15 years)
b) Customised fit-outs
c) Daily-use and aspirational amenities
b) Technology integration and efficient space utilization

Key Offerings

i) Managed Workspaces: Fully serviced and aesthetically designed work environments with rapid delivery (45–60 days)

ii) Value-Added Services (VAS): Cafeterias, gyms, creches, convenience stores, etc., through partners like Chaipoint, Park+, and ClearTax

iii) Fit-out-as-a-Service (FaaS): Custom design and build services based on client requirements

iv) Tech Enablement: Proprietary digital systems for managing operations and facility buildouts

Clientele

Smartworks serves a diverse mix of large Indian corporates and global MNCs, including Google IT Services India Pvt. Ltd., L&T Technology Services Ltd, Groww (Billionbrains Garage Ventures), Persistent Systems Ltd., MakeMyTrip India Pvt. Ltd., Bridgestone India Pvt. Ltd., Philips Global Business Services LLP

Many of these clients have multi-location, long-term contracts with Smartworks.

Market Opportunity

• India’s Commercial Office Stock: 883 million sq. ft. (as of March 2025), expected to reach 1,072 million sq. ft. by 2027

• Flexible Workspace Share: Grown from 7–9% pre-2020 to 14–16% in 2024

• High-Seat Demand: Major deals are increasingly in the 100+ seat category, aligning with Smartworks’ focus on mid-to-large enterprises

Competitive Strengths

i) Market Leadership: Largest lease-signed managed workspace operator in India
ii) Strong Growth Metrics: SBA CAGR (FY23–FY25): 20.80%, Revenue CAGR (FY23–FY25): 38.98%
iii) Execution Capability: Cost-efficient operations, modular fit-outs, and standardised design library
iv) Capital Efficiency: Average payback period for mature centres is 30–32 months vs. industry average of 45–52 months.